Tuesday, June 11, 2013

Billionaire Jeff Greene Still Trying to Unload in Malibu

YOUR MAMAS NOTES: Palm Beach-based multi-billionaire Jeff Greene, in case you somehow don't know, is a successful property developer now in his late fifties who smartly bet against the sub-prime mortgage market and laughed all the way to the bank when the real estate bubble burst in a blizzard of foreclosures and quickly constricting property values in 2007. Like all good and profligate (overnight) billionaires Mister Greene owns a hefty handful of high maintenance residences in some of the better and more expensive zip codes on both the east and left coasts of the United States. In Malibu, Mister (and Missus) Green have long-owned a custom-built ocean front home that has been for sale for just about for-evuh and is currently up for grabs with a $12,500,000 price tag.

The Mister Greene acquired the ocean front property for $5.5 million in May, 2007, a few months before his camp-glammy one million dollarBeverly Hills wedding—Mike Tyson was the best man fer chrissakes!—to the two decades younger former real estate entrepreneur Mei-Sze Chan. The property was purchased, as per property records, from a trust connected to fashion designer Perry Ellis's handbag designer daughter Tyler Alexandra Ellis who also—dontcha know?—also owned the gigantic, cutting edge contemporary house next door until she sold it in 2007 to a Beverly Hills-based real estate investor. Anyways...

Current listing information indicates the muscular, three-story glass, concrete, and wood clad residence was built in 2010 with four bedrooms and 4.5 bathrooms in 4,110 square feet of expensively finished interior space. That would indicate that when Mister Greene added the property to his portfolio either it was essentially undeveloped or he substantially altered (or obliterated) whatever house was there to make way for the one that's for sale today.

There are medium brown hardwood floors throughout the multi-purpose, mid-level main living area, an open concept space outfitted with a fireplace surmounted by a flat-screen television in the living room and lots of ashy brown Armani Casa-esque cabinetry in the kitchen and dining area. Several floor-to-ceiling green-tinted sliding glass doors slip open to a slender, glass-railed terrace that hovers over a sensationally pricey strip of sand that—as appears in easily accessible digital aerial images—all but disappears at high-tide.

Three guest bedrooms on the lowest level each have private bathrooms and green-glass sliding doors that let out to a second, also very thin terrace that also hangs over the sand and surf. The top floor master suite has some sort of marble or Tavertine tile floor material, high ceilings, a fireplace, and an attached bathroom. There's floating double sink vanity, a soaking tub is set into an over-sized marble (or Travertine) platform next door to a separate glassed-in shower with a knock-out ocean views through a knee-to-ceiling window.

The master bedroom gives way through more green glass sliders to the largest of the homes' three ocean side terraces with panoramic, ocean liner-like views over the roiling and typically frigid Pacific. Now children, naturally Your Mama loves us a big ol' roof top terrace in a surf-side house. Who doesn't? Howevuh, hunties, let's talk the T here. Is there a person among the children who, like Your Mama and the Dr. Cooter, don't find it more than a little—uhm—unfortunate that the largest terrace, the one residents and guests would be most inclined to use precisely because of its commodiousness, requires a far too intimate for traipse through the master bedroom?* Oh, hayell no! Not for twelve and some million clams, thank you very much.

This is hardly Mister Greene first time on the real estate hobby horse with this house. In fact, Your Mama's brief and unscientific research shows the property has been on and off the market more than half a dozen times since November 2008 and a variety of prices. Although Mister Greene would, it seems, like to sell his long unwanted—or,at least, long un-needed—Malibu beach house, digital marketing materials indicate Mister Moneybags would also be open to lease it fully furnished short term at $49,000 per month or for one or more years at $29,000 per month.

Even when Mister Greene manages to finally unload his albatross in Malibu his property portfolio will still qualify him as a Class-A real estate baller. His other west coast outpost is Palazzo de Amore, an extravagantly immodest 27-ish acre estate above Coldwater Canyon in Beverly Hills (CA) where Mister Greene married the current and first Missus Greene. Mister Greene purchased the unfinished property out of foreclosure in early 2007 for about $35,000,000 and reportedly spent $15 million more finishing the main mega-mansion and the various accessory structures. Based on previous reports and listings for the property the compound has a quarter mile long gated driveway, a 43,000 (or so) square foot Mediterranean-style main mansion with 11 bedrooms, 14 bathrooms, and a 6,000 square foot ballroom. Substantial outbuildings include a 12,000 square foot pool house/entertaining pavilion, an 8,000 square foot guest house, and a 24 car garage with—so the stories go—a revolving dance floor on which their wedding guests danced the night away.

In 2009 Mister Greene made Palazzo de Amore available for least at a sphincter tightening $250,000 a month. The resort-style estate is currently available for lease at a discounted $195,000 per month and last year Your Mama heard through the Platinum Triangle property gossip grapevine that Mister Greene was prepared to list the house with tongue numbing $150,000,000 asking price. As of today, the house has not popped up for sale on the MLS at any price, let alone 150 million clams, but would anyone be at all surprised to learn that British Formula Racing heiress and hardcore real estate baller Tamara Ecclestone had a look see around the palatial property? No, Your Mama wouldn't faint with flabbergast either. Anyhoo...

Mister and Missus Greene's private residential holdings also include: La Bellucia, a 12,000 square foot Addison Mizner designed mansion on 2.8 super-prime ocean front acres in Palm Beach (FL) that he/they bought in April 2011 for $24,000,000 as well as a 55-acre spread known as Tyndal Point near Sag Harbor in the Hamptons (NY) that he/they picked up a few months later for $36,000,000.

In April 2011 Mister Greene paid $26,270,000 for an historic, six story cast iron building in New York City's Soho 'hood. Your Mama found evidence online that Mister Greene seeks to re-zone the upper five floors to multi-unit residential use and add a nearly 1,900 square foot penthouse lounge on the roof that's only accessible by way of the sixth floor unit and will give way to a roof terrace equipped with a private roof-top swimming pool and spa. That's right, a private roof tops swimming pool and spa in the very heart of SoHo. Imagine that... And, of course, we mustn't forget the illustrious Seawind, Mister Greene's nearly 150-foot long and internationally (in)famous boat.

*In all honesty, Your Mama isn't completely sure there one must cross through the master bedroom and/or bathroom to access the top floor terrace. It very well could be there's a more privacy promoting public access from an upper floor stair landing or some other such traffic pattern solution.listing photos: Berlyn Photography for Coldwell Banker Previews International

Good grief, Mama. Great lines, but might the fishbowl master bath be a drawback? Not for you, but other people? Unless it's pizza night, rather not have company seeing dinner prep mess. Yikes, that (perceived) evil public access 3 doors up. What beachfront owner wants (perceived) commoners enjoying their rights? Pepperdine’s just up the bluff, too. Match made in heaven. Never used to be an issue. MEOW.

9434 Cherokee Lane, Los Angeles-Beverly Crest, CA 90210 belongs to one of the Saudi princes. There are so many Saudi princes, my first car was originally owned by a Saudi prince. He didn't take very good care of that car, which is why I could afford it.

The property is held under the corporate umbrella, CANESSA INVESTMENTS N.V.